Conditions of use of the CUBER APP during the test period

 

Valid from 11 May 2015

 

Background information on the CUBER APP and cubers

 

AS LHV Pank issues certificates of deposit, which are treated as money market instruments in the meaning of the Securities Market Act and thus constitute unsecured, transferable and liquid debt obligations that can be freely traded on the money market. AS LHV Pank refers to these certificates of deposit as cubers (Cryptographic Universal Blockchain Entered Receivables) and issues them in a bockchain-based database. With the acquisition of cubers from AS LHV Pank, a claim will be acquired against AS LHV Pank in the amount of the value of the cuber. Cubers may be held to maturity and redeemed, or transferred and traded, allowing others to redeem the cubers. A cuber holder shall have a limited-term claim against AS LHV Pank in the amount of the value of the cuber.

 

OÜ CUBER TECHNOLOGY offers an innovative solution for using cubers – the CUBER APP application. The CUBER APP allows to use cubers in payment for goods and services purchased from merchants who have joined the programme, or for transfer to other CUBER APP users. To use the CUBER APP, the application must be downloaded and installed in a device, which allows to access the application. There are two ways of adding cubers in the CUBER APP: (1) by acquiring cubers from AS LHV Pank or (2) by acquiring cubers from other CUBER APP users against cash, services or goods. Cuber trading shall be carried out between CUBER APP users without any intervention by third parties. A customer relationship with AS LHV Pank shall only be required if cubers are to be acquired from or redeemed by AS LHV Pank.

 

These conditions regulate the use of the CUBER APP.

 

  1. GENERAL PROVISIONS
    • Terms and definitions
      • Data Subject – a natural person whose personal data is processed.
      • CUBER APP – an application designed by CUBER TECHNOLOGY for the Android and iOS operating systems, allowing the User to use the Service.
      • Cuber – an unsecured, transferable and liquid certificate of deposit issued by LHV, granting the User a fixed-term right of claim against LHV in the amount of the value of the cuber, which can be freely traded on the money market.
      • CUBER TECHNOLOGY – OÜ CUBER TECHNOLOGY, registry code: 12794962, address: Tartu mnt 2, 10145 Tallinn, the developer of the CUBER APP and provider of the Service. The sole shareholder of CUBER TECHNOLOGY is AS LHV Group. LHV does not exercise control over the activities of CUBER TECHNOLOGY.
      • Personal Data – any data on an identified or unidentified natural person.
      • User – the person using the CUBER APP for acquisition, transfer and redemption of cubers.
      • Conditions of Use – these conditions of use of the CUBER APP, regulating the relations between CUBER TECHNOLOGY and the User in the use of the CUBER APP and the Service during the Test Period.
      • Merchant – a person using the CUBER APP in its economic and professional activities.
      • Agreement – a contract concluded between CUBER TECHNOLOGY and the User for the use of the CUBER APP and the Service.
      • LHV – AS LHV Pank, registry code: 10539549, address: Tartu mnt 2, 10145 Tallinn, the issuer of cubers.
      • Party – depending on the context, either CUBER TECHNOLOGY or the User. Parties – joint reference to CUBER TECHNOLOGY and the User.
      • Device – allows to download and use the CUBER APP.
      • Service – a service provided by CUBER TECHNOLOGY, allowing to acquire, transfer and redeem cubers via the CUBER APP.
      • Test Period – the period between 11 May 2015 and 11 November 2015.
    • The Parties’ rights and obligations
      • By agreeing to the Conditions of Use, the Conditions of Use shall form a legally binging Agreement between CUBER TECHNOLOGY and the User.
      • The Conditions of Use shall be available to the User in the Estonian language in the CUBER APP.
      • By agreeing to the Conditions of Use, (i) a User who is a natural person shall confirm being at least 18 years old and having an active legal capacity, (ii) a User who is a legal person shall confirm that the legal person has passive legal capacity and that its representative has the legal right or the authorisation to represent the User in the conclusion of and for the purposes of the Agreement.
      • A customer relationship needs to be established with LHV in order to acquire and redeem cubers at LHV. The User understands that the customer relationship shall be governed by the corresponding conditions of LHV, including the general conditions (https://www.lhv.ee/images/docs/General_Conditions_of_AS_LHV_Pank-EN.pdf) and the conditions of issue of certificates of deposit (cuber) (https://www.lhv.ee/en/about/terms-and-conditions-and-price-list/?l3=en). The User understands that the acquisition and redemption of cubers by LHV shall be carried out pursuant to the corresponding conditions of LHV and that it is therefore important for the User to carefully read and agree to the conditions. Cubers cannot be acquired from LHV and redeemed without agreeing to the corresponding conditions. The User understands that the relationship between the User and LHV is separate and independent from the relationship between the User and CUBER TECHNOLOGY.
      • By agreeing to the Conditions of Use, the User shall confirm having carefully read the General Conditions of LHV and the conditions of issue of certificates of deposit (cuber).
      • CUBER TECHNOLOGY offers the Service on the condition that the User agrees to the Conditions of Use as they stand, and only uses the Service in accordance with the Conditions of Use. If the User does not agree to the Conditions of Use, the User shall not be granted the right to use the Service.
      • CUBER TECHNOLOGY may unilaterally amend the Conditions of Use with regard to the Merchant at any time, by informing the Merchant thereof via CUBER APP notifications. If the Merchant does not agree to the amendment of the Conditions of Use, the Merchant must terminate the use of the CUBER APP. Continuation of the use of the CUBER APP upon receipt of the notification of the amendment of the Conditions of Use shall be interpreted as the Merchant’s consent to the amendment of the Conditions of Use.
    • A Party may cancel the Agreement at any time, without providing a reason.
    • A User who is a natural person shall have the right, as a consumer, to withdraw from the Agreement within 14 days after agreeing to the amendments.
      • The Agreement shall remain valid until the end of the test Period, unless cancelled by a Party.

 

  1. TEST PERIOD
    • Conditions of the Test Period
      • The User understands that the Test Period is intended for the testing of the Service and the CUBER APP by a limited group of Users with the aim of developing and improving the Service and CUBER APP. The User understands that the Service and the CUBER APP might not function smoothly and trouble-free during the Test Period. The User understands that the Parties shall consequently have the right to terminate the use and provision of the Service and the Agreement at any time, without incurring any liability to the other Party.
      • The total volume of the Service (the value of cubers to be issued) shall be limited to 100,000 euros during the Test Period. Once the established ceiling is reached, no more cubers can be acquired from LHV. Nonetheless, cubers can be acquired from other Users, transferred and redeemed.
      • The User agrees to provide CUBER TECHNOLOGY feedback on the use of the Service and CUBER APP in the form and on the conditions agreed between the Parties.
      • The Merchant shall allow CUBER TECHNOLOGY and LHV to use its trademark in presentations, marketing materials and lists of customers, proclaiming the Merchant’s participation in the testing of the Service and the CUBER APP during the Test Period. The Merchant may use the trademarks of CUBER TECHNOLOGY and LHV in connection with the Service and the CUBER APP only after the end of the Test Period and upon the previous written consent of CUBER TECHNOLOGY or LHV.
    • Confidentiality
      • The User understands that CUBER TECHNOLOGY wishes to protect and keep confidential the information related to the Service and the CUBER APP during the Test Period, when the Service and CUBER APP are not fully unlocked.
      • The data on or any information directly or indirectly related to the technical structure of the Service and the CUBER APP shall be treated as confidential. It is forbidden for the User to disclose such information to any third party during the Test Period without CUBER TECHNOLOGY’s previous written consent.
      • Where the User has doubts with regard to whether or not a particular piece of information should be treated as confidential, the information shall be treated as confidential and CUBER TECHNOLOGY consulted prior to the disclosure of such information.

 

  1. SERVICE
    • Nature of the Service
      • To be able to use the Service, the User must download and install the CUBER APP in the Device.
      • Should cubers be used in any other way or for any other purpose outside the CUBER APP, without the cuber-specific configuration, cubers may lose their value.
      • To acquire and redeem cubers from LHV, the User must have a valid customer relationship with LHV, and the CUBER APP must be tied to an IBAN account in LHV. Only a single CUBER APP is allowed for each IBAN account. This does not apply to the use of cubers for other purposes (acquisition from other Users, transfer).
      • To use the Service, the User’s Device must be connected to an operational mobile internet or Wi-Fi network. The User understands that failure of the mobile internet or Wi-Fi network may trigger a failure in the provision of the Service.
      • A User may acquire a total of 1,000 euros worth of cubers from LHV. A User may acquire cubers from other Users in unlimited amount.
      • Cubers may be transferred via the graphic medium (QR code) or by entering the transferable amount and the counterparty’s address in characters. Upon transfer of the cuber, the cuber and the corresponding right of claim will be moved from the transferor’s CUBER APP to the acquirer’s CUBER APP.
      • The Service may only be used during the Test Period.
      • Users may redeem cubers in LHV during the term of redemption of the certificates of deposit (cuber) in accordance with the conditions of issue of certificates of deposit (cuber). The User shall have the right to seek redemption of the certificate of deposit in LHV for a period of 6 months after the last redemption date (i.e. until 11 May 2016).

 

  • Conditions of use of the Service. Liability
    • The use of the Service is free of charge for the User. The User is obliged to pay any expenses indirectly related to the use of the Service, including the use of the mobile internet and Wi-Fi services provided by third parties. The User is obliged to ensure access to and functioning of the Device required for the use of the Service.
    • CUBER TECHNOLOGY provides the Service under the Conditions of Use, based on the “as is” principle. CUBER TECHNOLOGY makes no direct or indirect commitments with regard to the Service and the CUBER APP, including (but not limited to) with regard to the unflawed and uninterrupted functioning of the Service and the CUBER APP, their availability, feasibility, profitability or suitability to the needs of the User. CUBER TECHNOLOGY makes no direct or indirect commitments with regard to the elimination of defects discovered in the Service or the CUBER APP.
    • CUBER TECHNOLOGY shall not be held liable, within the maximum extent provided by law, for any direct or indirect patrimonial or non-patrimonial damage that may be caused to the User through the use of the Service and the CUBER APP.
    • CUBER TECHNOLOGY shall not be held responsible for any problems in the functioning of the Service, if caused by circumstances stemming from third parties (e.g. no access to mobile internet or Wi-Fi network, connection failures, etc.).
    • CUBER TECHNOLOGY assumes that all orders and transactions made by the User in the CUBER APP are made by the User or with the authorisation of the User. CUBER TECHNOLOGY shall not be held liable, within the maximum extent provided by law, for any direct or indirect patrimonial or non-patrimonial damage that may be caused by third parties who have gained possession of the User’s Device and access to the Service. The User shall take full responsibility for the physical, organisational and IT security of his/her Device (including passwords providing sufficient protection, access restrictions, virus protection and other measures).
    • Users shall be responsible for the acquisition and transfer of cubers via the CUBER APP, and for the monitoring of the correctness of their data (including the LHV account number). Users shall have the right to contest the transactions for a period of 30 days after effecting the transaction. CUBER TECHNOLOGY shall have the right to reject any complaints raised at a later date.
    • The User may use the Service and CUBER APP only for the designated purpose. It is forbidden for the User to use the Service and CUBER APP for committing an offence, or for other purposes that violate the Conditions of Use, the law or good practice.
    • The User understands that, due to the specifics of the technology platform used, access to the CUBER APP address allows to collect information on the CUBER APP’s account status, transfers from/to the account, and the identity of the User.
    • CUBER TECHNOLOGY may terminate the provision of the Service on a temporary or permanent basis at any time. Should CUBER TECHNOLOGY permanently terminate the provision of the Service, the Agreement shall be considered as cancelled by CUBER TECHNOLOGY.

 

  1. PERSONAL DATA
    • CUBER TECHNOLOGY collects and processes the following Personal Data within the framework of the provision of the Service: name of the User who is a natural person, IBAN of the account opened in LHV, and the personal CUBER APP address.
    • CUBER TECHNOLOGY shall only use the Personal Data for the provision of the Service and fulfilment of the obligations arising from the Agreement and the law.
    • CUBER TECHNOLOGY shall not forward the Personal Data to third parties, except in the cases specified in the Conditions of Use and the law, and for the protection and exercise of its rights. CUBER TECHNOLOGY shall forward the Personal Data only to LHV. Merchants can only view the User’s personal CUBER APP address.
    • The User understands that a customer relationship with LHV is required for the use of certain aspects of the Service, and that LHV has established separate principles of processing customer data, which are applicable to the customer relationship. The LHV’s principles of processing customer data are available at: https://www.lhv.ee/images/docs/Principles_of_Processing_Customer_Data-EN.pdf.
    • CUBER TECHNOLOGY shall only preserve the Personal Data, if required for the fulfilment of the obligations arising from the Agreement and the law.
    • CUBER TECHNOLOGY shall use adequate organisational, physical and IT security measures for protecting the Personal Data.
    • The Data Subject shall have all rights provided by law, including the right to demand correction of incorrect personal data. If the processing of the Personal Data is not allowed by law, the Data Subject shall have the right to demand termination of the processing of Personal Data, termination of the disclosure or enabling access to the Personal Data, or deletion or closure of the Personal Data. The Data Subject shall have the right to turn to the Data Protection Inspectorate or the court for the protection of his/her rights.
    • The Data Subject may contact CUBER TECHNOLOGY for any issues or requests related to the Personal Data: cuber@lhv.ee.

 

  1. FINAL PROVISIONS
    • The Agreement shall be governed by the laws of the Republic of Estonia.
    • Should a specific article of the Conditions of Use be declared invalid, this shall not affect the validity of other articles of the Conditions of Use. The invalid article shall be replaced with a new article, the contents of which are as similar to the previous article as possible.
    • Any declarations of intention and notices between the Parties shall be made at least in a format, which can be reproduced in writing.
    • The Parties may use any legal remedies provided by law.
    • Any disputes arising between the Parties in connection with the Agreement shall be solved by way of negotiation. A User who is a natural person shall also have the right to turn to the Consumer Protection Board. If the dispute cannot be solved by way of negotiation, the dispute shall be settled pursuant to the procedure provided by the laws of the Republic of Estonia, in Harju County Court in case of the Merchant.